BitYard, a popular crypto exchange based in Singapore, has introduced a new feature for its users with the help of a partner. The exchange has partnered with CoinLedger, a crypto tax reporting platform, to enable users to easily prepare tax reports for their crypto transactions.
- CoinLedger is one of the top-five cryptocurrency tax software globally. It lets you import transactions from multiple exchanges and wallets to generate tax reports and submit them to the appropriate authorities. You can also import transactions from a CSV file or input them manually to generate reports.
Thanks to the partnership, BitYard users can now calculate and report their taxes by exporting their transaction history to CoinLedger at the click of a button. This feature solves a major pain point that’s hindering mass adoption in the crypto industry.
Cryptocurrency is considered a taxable asset in many jurisdictions but it’s often difficult to calculate the required taxes due to massive price swings. CoinLedger is a well-known platform that helps crypto users to overcome this problem. Similar platforms include TokenTax, Koinly, and ZenLedger.
“Tax reporting presents unique challenges for users within the digital asset ecosystem—regardless of their geography” BitYard’s CEO, Michael Hung, said in a statement.“ Today, we are excited to be partnering with the CoinLedger team to make it easier for any BitYard user to calculate and report their taxes.”
Governments around the world, including the US, are tightening regulations surrounding cryptocurrencies, so tax compliance is in the limelight more than ever. The recent collapse of FTX, a top-five crypto exchange, is bound to draw more regulatory attention to the industry. The collapse has rippled through the crypto industry, causing several other exchanges to pause withdrawals and a price slump that has driven liquidations to record levels.